Micron, Nebius surge premarket; Traws Pharma tumbles
Investing.com - U.S. stock index futures rose sharply on Monday after Washington and Tehran confirmed they had reached a preliminary peace agreement aimed at ending their conflict and reopening key Middle Eastern shipping routes.
By 07:20 ET (11:20 GMT), S&P 500 Futures had jumped 1.2%, Nasdaq 100 Futures had jumped 2.1%, and Dow Jones Futures had gained 0.9%.
Here are some of the biggest premarket U.S. stock movers today:
- Technology and artificial intelligence-linked stocks led premarket gains, while cryptocurrency-exposed names also advanced alongside a rise in Bitcoin prices.
- ON Semiconductor Corporation (NASDAQ: ON) shares climbed 4.8% after Citi placed the chipmaker on a 90-day catalyst watch while maintaining a Neutral rating and a $120 price target, citing the potential for near-term developments to drive the stock.
- Micron Technology Inc (NASDAQ: MU) surged nearly 7.9% after several Wall Street firms sharply increased their price targets on the memory chipmaker. TD Cowen raised its target to $1,500 from $660, while RBC lifted its target to $1,200 from $525, reflecting growing optimism over the company’s earnings outlook.
- Nebius Group NV (NASDAQ: NBIS) shares jumped 8.8% as investors positioned for the company’s upcoming inclusion in the Nasdaq-100 index. The stock is set to join the benchmark before the open on June 22 following Nasdaq’s quarterly reconstitution, a move expected to drive demand from passive investment funds tracking the index.
- Strategy Inc (NASDAQ: MSTR) gained 5.3% as Bitcoin prices moved higher following reports of progress in U.S.-Iran negotiations. The company also continued to benefit from investor support for its Bitcoin acquisition strategy after recently using proceeds from a share sale to purchase additional cryptocurrency holdings.
- Traws Pharma Inc (NASDAQ: TRAW) tumbled 16.4% after the company disclosed that the U.K.’s Medicines and Healthcare Products Regulatory Agency issued a negative review of its Phase 2a influenza challenge study, forcing the postponement of a key trial for its lead antiviral candidate, tivoxavir marboxil.